Third Avenue Correlations

TAREX Fund

USD 26.09 0.20 0.76%

The current 90-days correlation between Third Avenue Real and HUMANA INC is 0.04 (i.e., Significant diversification). The correlation of Third Avenue is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Third Avenue Correlation With Market

Poor diversification

The correlation between Third Avenue Real and DJI is 0.72 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Third Avenue Real and DJI in the same portfolio, assuming nothing else is changed.

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Third Avenue Real. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in income.

Moving together with Third Mutual Fund

1.0	TVRVX	Third Avenue Real	Pair Corr
0.78	TVSVX	Third Avenue Small	Pair Corr
0.78	TASZX	Third Avenue Small	Pair Corr
1.0	TARZX	Third Avenue Real	Pair Corr
0.78	TASCX	Third Avenue Small	Pair Corr
0.89	VTSAX	Vanguard Total Stock	Pair Corr
0.83	VFIAX	Vanguard 500 Index	Pair Corr
0.89	VTSMX	Vanguard Total Stock	Pair Corr
0.89	VSMPX	Vanguard Total Stock	Pair Corr
0.89	VSTSX	Vanguard Total Stock	Pair Corr
0.89	VITSX	Vanguard Total Stock	Pair Corr
0.83	VFINX	Vanguard 500 Index	Pair Corr
0.87	VFFSX	Vanguard 500 Index	Pair Corr
0.66	FFALX	Franklin Founding Funds	Pair Corr
0.91	AMGOX	Alger Mid Cap	Pair Corr
0.72	BGRFX	Baron Growth	Pair Corr
0.91	RTSAX	Tax Managed Mid	Pair Corr
0.94	WIGRX	Wasatch E Growth	Pair Corr
0.72	AALTX	American Funds 2050	Pair Corr
0.89	FSKAX	Fidelity Total Market	Pair Corr
0.86	AMEIX	Equity Growth	Pair Corr

Moving against Third Mutual Fund

0.56	REIFX	Rems International Real	Pair Corr
0.54	DFITX	Dfa International Real	Pair Corr
0.48	TAVFX	Third Avenue Value	Pair Corr
0.48	TAVZX	Third Avenue Value	Pair Corr
0.48	TVFVX	Third Avenue Value	Pair Corr
0.45	VGRNX	Vanguard Global Ex	Pair Corr
0.45	VGRLX	Vanguard Global Ex	Pair Corr
0.42	PGRVX	Global Real Estate	Pair Corr
0.38	PGRKX	Global Real Estate	Pair Corr
0.38	MGLIX	Mfs Global Real	Pair Corr
0.37	PGRUX	Global Real Estate	Pair Corr
0.35	MGLAX	Mfs Global Real	Pair Corr

Related Correlations Analysis

	444859BR2	AQUI	BRRAY	MSTSX	LBHIX	ABHYX	SCAXF	VIASP	AAEVX
444859BR2		0.0	0.22	-0.53	-0.54	-0.03	0.41	-0.41	-0.69	444859BR2
AQUI	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	AQUI
BRRAY	0.22	0.0		-0.45	-0.35	-0.4	-0.04	0.1	-0.32	BRRAY
MSTSX	-0.53	0.0	-0.45		0.67	0.34	-0.02	-0.08	0.75	MSTSX
LBHIX	-0.54	0.0	-0.35	0.67		0.51	-0.29	0.22	0.68	LBHIX
ABHYX	-0.03	0.0	-0.4	0.34	0.51		-0.05	-0.17	0.07	ABHYX
SCAXF	0.41	0.0	-0.04	-0.02	-0.29	-0.05		-0.8	-0.43	SCAXF
VIASP	-0.41	0.0	0.1	-0.08	0.22	-0.17	-0.8		0.41	VIASP
AAEVX	-0.69	0.0	-0.32	0.75	0.68	0.07	-0.43	0.41		AAEVX
	444859BR2	AQUI	BRRAY	MSTSX	LBHIX	ABHYX	SCAXF	VIASP	AAEVX

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

AAEVX	+ 0.75	MSTSX
AAEVX	+ 0.68	LBHIX
LBHIX	+ 0.67	MSTSX
ABHYX	+ 0.51	LBHIX
SCAXF	+ 0.41	444859BR2
AAEVX	+ 0.41	VIASP

High negative correlations

VIASP	- 0.8	SCAXF
AAEVX	- 0.69	444859BR2
LBHIX	- 0.54	444859BR2
MSTSX	- 0.53	444859BR2
MSTSX	- 0.45	BRRAY
AAEVX	- 0.43	SCAXF

Risk-Adjusted Indicators

There is a big difference between Third Mutual Fund performing well and Third Avenue Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Third Avenue's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
444859BR2	1.35	(0.09)	0.00	(0.14)	0.00	0.00	5.93	(5.79)	16.62
AQUI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BRRAY	1.27	(0.13)	0.00	0.01	0.00	0.00	0.00	(2.98)	34.02
MSTSX	0.49	(0.04)	(0.13)	0.06	0.52	(0.61)	1.21	(1.02)	2.80
LBHIX	0.11	0.01	(0.42)	0.38	0.00	(0.29)	0.24	(0.24)	0.96
ABHYX	0.17	0.00	(0.24)	0.19	0.25	(0.24)	0.34	(0.33)	1.91
SCAXF	0.70	(0.41)	0.00	(0.98)	0.00	0.00	0.00	0.00	23.47
VIASP	0.74	0.07	(0.04)	(2.04)	1.13	(0.80)	2.28	(1.20)	7.18
AAEVX	0.48	0.05	(0.10)	(2.13)	0.54	(0.57)	0.93	(0.77)	2.76

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